This is our Q1 2023 crypto market sector snapshot, a report from our Sygnum investment research.
The crypto sector experienced significant growth in the first quarter of 2023, with Layer 2 platforms seeing a doubling of daily transactions, surpassing transaction volumes for Ethereum. Filecoin also achieved a new high in total active data storage deals. Lens Web3 social protocol also saw record-high daily active users and daily posts. The best performing sectors were Layer 2 and Layer 1, with innovative product launches and the safe haven status of Bitcoin driving their performance. In contrast, the CeFi sector underperformed due to regulatory challenges. Token winners in the first quarter included Lido, Bitcoin and Stacks, with significant gains driven by regulatory pressure, economic instability and interest in Bitcoin NFTs and smart contracts.
This 34-page report is available to professional and private qualified Swiss investors. Please find further insights and news from our team here.
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